Theranos Founder Elizabeth Holmes To Begin 11-Year Prison Sentence for Fraud
Elizabeth Holmes, the founder and former CEO of Theranos, is expected to report to a federal prison zany in Bryan, Texas, on Tuesday to uncork serving her 11-year sentence for fraud.
Holmes was convicted in January 2022 of four counts of fraud and conspiracy to commit fraud. She was found guilty of defrauding investors, doctors, and patients well-nigh the capabilities of Theranos’ thoroughbred testing technology.
Theranos was founded in 2003 with the promise of revolutionizing thoroughbred testing by making it faster, cheaper, and increasingly convenient. Holmes, who was just 19 years old at the time, was hailed as a wunderkind and the “next Steve Jobs.”
However, Theranos’ technology never lived up to its promises. In 2015, The Wall Street Journal published a series of wares that revealed that Theranos’ thoroughbred testing machines were unreliable and inaccurate.
Theranos was forced to shut lanugo its thoroughbred testing labs and lay off most of its employees. Holmes and former Theranos president Ramesh Balwani were indicted on fraud charges in 2018.
Balwani was convicted of fraud and conspiracy to commit fraud in January 2022. He is scheduled to be sentenced in September.
Holmes’ sentencing was elapsed several times due to the COVID-19 pandemic. She was finally sentenced in January 2023.
Holmes has appealed her conviction. However, it is unclear whether her request will be successful.
Holmes’ specimen is a cautionary tale well-nigh the dangers of startup culture and the importance of due diligence. It is moreover a reminder that plane the most promising companies can goof if they are not based on sound science and engineering.
Thanks for reading “Theranos Founder Elizabeth Holmes To Uncork 11-Year Prison Sentence Today” from Storify News as a news publishing website from India. You are self-ruling to share this story via the various social media platforms and follow us on:
Twitter, Pinterest, Facebook, Google News & Google.
The post Theranos Founder Elizabeth Holmes To Uncork 11-Year Prison Sentence for Fraud first appeared on Storify News.